As small businesses struggle to stay afloat due to uneven market competition, Industries Minister Nurul Majid Mahmud Humayun said there should be a perimeter, outlining what the large conglomerates can manufacture and what not.
“Like a catfish, large industries are swallowing everything in the ecosystem,” the minister said at a mock parliament, jointly arranged by Debate for Democracy and the Directorate of National Consumer Rights Protection in Dhaka on Monday.
Humayun said that large companies, including foreign investors, are interested in investing in the sectors where small entrepreneurs are already working.
“I don’t support large industries producing all types of products, from A to Z,” said the industries minister, calling big corporations to put money into heavy industries, leaving the sectors on which rural women entrepreneurs are surviving.
The minister said the government encourages investment in heavy industries and food processing. “It is true that industries start as small ones, but they should refrain from producing some products after they grow large.”
At the program, students debated on the topic “Only willingness of the private sector needed to rein in commodity prices”.
Hassan Ahmed Chowdhury Kiron, chairman of the Debate for Democracy, chaired the competition, which was won by Comilla Victoria Government College, defeating Tejgaon College.
The minister also said that Bangladesh is not the only country suffering from a dollar crisis, as it has been ongoing in other countries in recent times.
“We need to be calculative when importing goods. Import of essential commodities should be prioritized over luxury goods,” he said. The minister said large industries have influence everywhere, including in the government and media, which is “unfortunate”.
“Coordinated efforts are needed to check excess profit-making by businesses,” he said, also noting political stability as a prerequisite to ensure economic stability.
“The government cannot avoid responsibility for the hike in commodity prices, but black marketers are more powerful than the government,” he commented.
Unscrupulous traders are taking advantage of loopholes in the import policy, he said. A vested quarter is actively trying to destabilize commodity prices to create an awkward situation for the government ahead of the national election, he added.
He said the consumer rights directorate should be recognized for its contribution to curbing prices.
Kiron recommended expediting the initiative to update the existing consumer rights protection law and grant judicial powers to the consumer directorate.
Businesses are facing problems importing raw materials according to their demand even with 100% margins, he said, adding the delay in importing eggs helped unscrupulous traders make Tk150 crore in the last few days.
